Pooky - see the press release.... We are not slaughtered...even though we have been taken to the wood shed recently.....extra expenses due to new ramp up.
go2net.newsalert.com
SMART Modular Technologies, Inc. Reports First Quarter Fiscal 1999 Financial Results
Business Wire - February 17, 1999 16:22
FREMONT, Calif.--(BUSINESS WIRE)--Feb. 17, 1999--SMART Modular Technologies, Inc. (NASDAQ:SMOD) today reported financial results for its first quarter ended January 31, 1999.
Net sales for the first quarter of fiscal 1999 increased 30 percent to $264.1 million from $202.8 million recorded during the first quarter of fiscal 1998. Net income for the first quarter of fiscal 1999 decreased 26 percent to $12.1 million from $16.4 million recorded during the first quarter of fiscal 1998. Diluted net income per share decreased 26 percent to $0.26 in the first quarter of fiscal 1999 from $0.35 recorded during the same period of fiscal 1998.
"We are pleased with the overall levels of business SMART saw in the first quarter. Our revenues increased significantly primarily due to substantial increases in the density of memory modules shipped, higher memory prices and increasing unit volumes.
"However, we experienced higher than expected manufacturing costs during the quarter particularly due to expenses related to the ramp up of a major new program. We continue to see good opportunities in all the markets we serve. In addition, we believe that a recovery in the memory market should help position us to address new opportunities.
"During the quarter, we added new customers to our embedded and memory product line businesses. We also released our first Rambus (R) RIMM(TM) 64MB and 128MB memory modules; shipped the industry's first 1GB memory modules; launched our new PowerPC processor-based SMARTengine 740cPCI-3U embedded board for telecommunications and data communications applications; and began shipping large volumes of our Internal Data/Fax Modem & Audio PCI Combo Card.
"Also during the quarter, we initiated the implementation of a company-wide information system from SAP which we believe will enable us to better serve our customers and enhance operational efficiencies," said Ajay Shah, SMART's President and CEO.
SMART Modular Technologies, Inc. is a leading independent manufacturer of specialty and standard memory modules, Flash memory cards, high performance embedded computer modules as well as I/O product solutions. SMART offers over 500 products to leading OEMs in the computer, networking and telecommunications industries.
SMART has manufacturing facilities in California, Puerto Rico, Malaysia and Scotland as well as design centers in California and India and sales offices worldwide. More information on SMART can be obtained on the Internet at http:/www.smartmodulartech.com.
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